TIDMCYAN
RNS Number : 8029Z
CyanConnode Holdings PLC
26 May 2021
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Key MOU with Intellismart
CyanConnode, a world leader in Narrowband Radio Frequency Smart
Mesh Networks, is pleased to announce that it has signed a MOU
(Memorandum of Understanding) with Intellismart, (Intellismart
Infrastructure Private Limited), a joint venture company formed by
EESL, (Energy Efficiency Services Limited), and NIIF, (National
Investment and Infrastructure Fund).
Intellismart is a Meter Asset Provider which deploys smart
meters by funding CAPEX, which it then recovers through an OPEX
model. Intellismart is focusing on expediting the deployment of 250
million smart meters across India and it can operate at scale by
leveraging the expertise and capital of EESL and NIIF. Under the
MOU, CyanConnode and Intellismart will work on existing EESL and
Intellismart projects as well as new ones, in India and
international markets .
EESL is promoted by the Ministry of Power (the Government of
India) as a Joint Venture of four public sector undertakings,
whilst NIIF is a collaborative investment platform for
international and Indian investors, which is anchored by the
Government of India and it manages over USD 4.5 billion of equity
capital.
This collaboration will leverage CyanConnode's market-leading RF
mesh technology as well as EESL and Intellismart's experience
delivering innovative large-scale projects.
John Cronin, Executive Chairman, CyanConnode, commented :
" I am delighted to announce this MOU with Intellismart, which
builds upon our existing relationship with EESL. Intellismart,
supported by EESL and NIIF, have an in-depth knowledge of the
Indian smart metering market and have significant experience
operating smart metering OPEX models.
"CyanConnode Pvt Limited, our Indian subsidiary, continues to
operate in line with expectations during this latest wave of Covid.
My thoughts are of course with the Indian people during this
difficult time.
I look forward to a successful, collaborative partnership with
Intellismart in both India and around the world."
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio
Frequency (RF) Smart Mesh Networks, which are used for machine to
machine (M2M) communication. As well as being self-forming and
self-healing, CyanConnode's RF Smart Mesh Networks are designed for
rapid deployment, whilst giving exceptional performance and
competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh
Advanced Metering Infrastructure (AMI) platform, which has already
gained considerable commercial traction, especially in India which
is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic,
CyanConnode has several routes to market, therefore it is well
positioned to capitalise upon increasing Global demand for smart
metering solutions.
For more information, please visit www.cyanconnode.com
About Intellismart Infrastructure Private Limited
To give a fillip to the Government of India's vision of
converting all the conventional electricity meters to smart meters
in the next few years, EESL (Energy Efficiency Services Limited, A
Joint venture of PSUs of Ministry of Power, Government of India)
along with NIIF (National Investment and Infrastructure Fund, a
Government of India, sovereign fund) has formed a JV company -
IntelliSmart Infrastructure Private Limited or "IntelliSmart". It
will enable implementation of Smart meters through BOOT (Build.
Own. Operate. Transfer) model to expedite the deployment, which
shall replicate the EESL success so far on the same model. The
focus of IntelliSmart would be to drive efficiencies for DISCOMs,
improve revenue management, increase billing efficiency and
consumer satisfaction.
Formed in 2019, the company, for the implementation of smart
metering is functioning like a global Meter Asset Provider ("MAP"),
which deploys smart meters for the utilities by funding the entire
capex and recovers this via a lease model (PAYS - Pay As You Save
in this case). Also, as an evolving knowledge sharing platform for
digital solutions pertaining to the power and distribution sectors,
IntelliSmart acts as a key player in introducing financial and
operational efficiencies in this space.
The Government of India plans to install 25 crore smart meters
in the next few years. With the replacement of 25 crore
conventional meters with smart meters, billing read and collection
efficiency can improve to 100 percent, and has the potential to
increase DISCOM revenues by INR 1,000 billion annually. With a
focus on expediting the deployment of smart meters across the
country, IntelliSmart is operating at scale by leveraging the
expertise and capital of both the shareholders, EESL and NIIF.
IntelliSmart is working collaboratively with all stakeholders to
procure, deploy and provide operations and maintenance for the
smart meter infrastructure.
For more information, please visit www.intellismartinfra.in
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